US Dollar Index Technical Analysis: Greenback bulls are alive as 93.20 support is holding on

  • US Dollar bulls are forming a base in the 93.21-93.66 area as their objective is to break above the trendline and regain the 94.00 level. 
  • US Dollar Index (DXY) has gained about 5% since mid-April and the current move down is seen as a bull flag or pullback for bulls.
  • However, a strong bear breakout below 93.21 swing low can invalidate the bull flag theory and lead to a retest of 92.81, 38% Fibonacci retracement (mid-April-late June bull run) 

DXY 15-minute chart


Spot rate:                93.60
Relative change:    0.06%     
High:                       93.68
Low:                        93.37

Trend:                     Bullish above 93.21

Resistance 1:         93.66, 23.6% Fibonacci retracement (mid-April-late June bull run)  
Resistance 2:         94.45 June 1, swing high
Resistance 3:         95.03 current 2018 high

 

Support 1:              93.21 June 7 swing low
Support 2:              92.81, 38% Fibonacci retracement (mid-April-late June bull run) 
Support 3:              92.24, May 14 swing low

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